US President Trump To Unveil Sweeping Tariffs On All Nations On ‘Liberation Day’ On April 2

Trump is set to announce massive tariffs on April 2, calling it "Liberation Day," targeting countries including the EU, South Korea, Brazil, and India as part of his economic agenda.

US President Donald Trump has been promoting “Liberation Day”.

Source : X

US President Donald Trump for weeks has promoted April 2, Wednesday, as “Liberation Day”. He will announce several massive tariffs to fulfil the administration’s ambitious economic agenda, and it will include all nations, not just small groups. Trump has talked about taxing the European Union, South Korea, Brazil and India, among other countries, through these levies.

According to the Associated Press (AP), Trump will introduce tariffs, or taxes on imports, aiming to reduce US reliance on foreign goods by imposing "reciprocal" duties that match those charged on American products.

On Monday, White House press secretary Karoline Leavitt said that Trump would announce reciprocal tariffs on nearly all US trading partners on Wednesday but maintained that the details are up to the president to announce.

Since returning to office for a second term, Trump has been aggressive with tariff threats, which has often caused uncertainty with shifting trade actions. More delays or confusion could likely arise this week. As per the report, Trump has argued that these tariffs shield US industries, generate revenue and strengthen trade leverage. However, economists warned that broad tariffs at the rates suggested by Trump could backfire.

What Is Expected From The Announcements

Reciprocal tariffs could be applied as product-specific duties, broader average rates on all goods from a country, or another approach entirely, depending on Trump's plan. These rates could reflect what other countries charge as well as their value-added taxes and subsidies to domestic companies.

White House trade adviser Peter Navarro said the tariffs could generate $600 billion annually, implying an average rate of 20%, while speaking to Fox.

As per CNN, Leavitt highlighted high tariffs on US products, like Canada's 250% tariff on American dairy, though such rates often apply to minimal imports. Trump's month-long delay on tariffs for goods from Canada and Mexico is set to end in early April. On Truth Social, he had mentioned that the extension for Mexican imports under the US-Mexico-Canada Agreement (USMCA) would last until April 2. However, there has been no additional confirmation regarding a specific date since then.

Trump announced that from Wednesday, he will impose a 25% tariff on all imports from any country that purchases oil or gas from Venezuela, including the US itself. This move comes alongside the imposition of new tariffs on the South American nation.

Starting Thursday, Trump’s 25% tariffs on auto imports will be collected, with taxes on fully imported cars beginning at midnight. The tariffs are expected to extend to relevant auto parts in the coming weeks, it will be fully implemented on May 3.